Home sales, housing inventory up in Treasure Valley

Treasure Idaho Market Update: Increased Inventory and Sales in Ada and Canyon Counties Ada and Canyon counties are seeing a significant increase in home inventory and sales, thanks to a slight dip in home costs. In Ada County, MLS data recorded 1,629 homes for sale in May, up by 235 from April. Canyon County also saw growth, with 1,065 homes for sale, a 58.5% year-over-year increase.

While Ada County's median home price slightly dipped to $551,950 from $556,500 the previous month, it remains 3.4% higher than May 2023. In Canyon County, the median home price in May was $419,945, about $5,000 more than the same time last year. The increased supply positively impacted sales.

Ada County reported 804 sales in May, a 14.7% year-over-year increase, while Canyon County had 432 sales, a 5.4% increase year-over-year. Nationally, home sales dropped by 1.9% in April, and pending home sales declined by 7.7%, according to the National Association of Realtors. The nationwide median home price is $407,600, which is lower than in the Treasure Valley.

Locally, even with increased inventory, the region has about 2.6 months of supply in Ada County and 2.9 months in Canyon County. A balanced market—one that does not favor buyers or sellers—is typically 4-6 months of supply. Inflation and interest rates continue to influence home prices.